Managerial Economics

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KEY BENEFIT: This text will excite readers by providing a more linear progression, while proving the consistency and relevance of microeconomic theory. KEY TOPICS: Goals of a firm, supply and demand, elasticity, demand estimation and forecasting, theory and estimation of production and cost, pricing and output decisions of monopolies and oligopolies, special pricing practices, game theory and asymmetric information, capital budgeting, risk, and uncertainty, multinational corporations and globalization, government and industry challenges, managerial economics in the semiconductor industry. For business professionals looking to expand their knowledge of managerial and applied economics.

Introduction

The firm and its goals

A.Supply and demand

The mathematics of supply and demand

Demand elasticity

Applications of supply and demand

Demand estimation and forecasting

The theory and estimation of production

The production of services

The multiple-input case

Expressing the production function with the use of calculus

The theory and estimation of cost

A mathematical restatement of the short-run cost function

The estimation of cost

Pricing and output decisions: perfect competition and monopoly

The use of calculus in pricing and output decisions

Break-even analysis (volume-cost-profit)

Pricing and output decision: monopolistic competition and oligopoly

Special pricing practices

Game theory and asymmetric information

Capital budgeting and risk

The value of a corporation

The multinational corporation and globalization

Government and industry: challenges and opportunities for today's manager